SWSC(SH:600369) Zhong Guo Zheng Quan Bao·2025-08-14 22:08Core Viewpoint - Southwest Securities reported a significant increase in both operating revenue and net profit for the first half of 2025, driven by a favorable market environment and robust investment performance [1][2]. Company Performance - For the first half of 2025, Southwest Securities achieved operating revenue of 1.504 billion yuan, a year-on-year increase of 26.23%, and a net profit attributable to shareholders of 423 million yuan, up 24.36% [2]. - Investment income was the primary contributor to net profit, totaling 591 million yuan, reflecting a nearly 65% year-on-year growth. Additionally, net income from fees and commissions and net interest income both saw over 30% year-on-year increases, amounting to 446 million yuan and 234 million yuan, respectively [2]. - The company has focused on enhancing its proprietary trading business and has successfully established a "multi-strategy" investment model, leading to stable returns [2][3]. Future Plans - For the second half of 2025, Southwest Securities plans to deepen its non-directional proprietary trading and continue innovating its business offerings, aiming to create stable and sustainable returns [3]. - The company will enhance its brokerage services by focusing on customer-centric strategies, improving research services, and upgrading digital platforms [3]. Industry Outlook - The overall performance of A-share listed brokerages has been positive, with 27 firms reporting net profit growth or turning profitable in the first half of 2025, attributed to active trading in the A-share market [4]. - The A-share market remains active, with the Shanghai Composite Index recently surpassing 3,700 points, indicating a favorable market sentiment and ongoing policy support [4]. - Analysts expect significant improvements across various business segments for listed brokerages, suggesting that the current market conditions present a good opportunity for investment [4][5].